Blender
BlockchainCryptocurrency

South Korean Bithumb Exchange is hit with over $69M in Taxes by NTS

The crypto exchange Bithumb has been hit with an amount of $69.3 million in taxes.

Recently, the largest South Korean crypto exchange Bithumb has charged with a tax bill of 80.3 billion worth $69.5 million.

trustcapital

The news is reported on Monday by the local media outlet Pulse. According to the report, the tax claim is confirmed from the National Tax Service (NTS) by the largest shareholder of Bithumb exchange Vidente Co.

NTS, the taxation authority will be withholding the tax bill from the crypto exchange Bithumb on its foreign customers’ income. In order to tax Bithumb, the South Korean taxation authority has characterized the cryptocurrency trading of foreigners as the miscellaneous income.

The report further says that the final payment may be subject to change. The reason is that the largest South Korean exchange is planning on taking legal action against it. Bithumb claims that it pays the local income taxes and corporate taxes every year. So the National Testing Service (NTS) should not have levied the withholding tax.

📰  The Central Bank of France Successfully Completes the First Trial of Digital Euro

Bithumb was hit with a tax bill of around $28 million worth 30 billion worth last year.

South Korean’s taxation authority NTS said that Bithumb could not pay the taxes of its foreign customers. According to the report:

The NTS in January 2018 had concluded that Bithumb failed to fulfill its duty of withholding taxes of its foreign customers. Withholding tax refers to income tax paid by the payer of the income rather than the recipient, with the tax typically withheld or deducted from the income in advance.

Now NTS has aimed to withdraw this amount of tax bill from the largest crypto exchange.

vpn

Adeline Gibbs

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stay up-to-date with latest happenings in crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close